IEA: the only renewable energy source resistant to the biggest drop in demand since World War II
NEW DELHI: Thursday said that renewable energy will be the only Energy source that will be resilient to the pandemic wiping out for Energy the most since World War-II and seven times greater than the slump caused by the global financial crisis.
According to the agency’s World Energy Review, Energy demand is expected to fall 6% this year. In absolute terms, this is unprecedented and equivalent of losing the entire Energy demand of India , the world’s third-largest Energy consumer. Each month of worldwide lockdown at the levels seen in early April is seen reducing annual global Energy demand by about 1.5%.
The report says electricity demand will decrease by 5% in 2020, the biggest drop since the Great Depression of the 1930s. This is because the blockades have resulted in a significant decrease in overall electricity demand, with levels consumption patterns and weekdays that resemble a Sunday before the crisis. Full blockages have reduced electricity demand by 20% or more, as in India, which has seen a 26% drop in consumption.
Estas son malas noticias para el carbón, el principal combustible para la generación de Energy en grandes partes del mundo, que ha sido muy afectado en la crisis actual. “El carbón es particularmente afectado, y se proyecta que la demanda global caerá un 8% en el año en curso, la mayor disminución desde la Segunda Guerra Mundial. Después de su pico de 2018, la generación de Energy a carbón se reducirá en más del 10% este año ”, dijo el informe.
World oil demand is expected to drop a record 9.3 million barrels per day (bpd), or 9% of daily supply, while gas demand will drop 5%. Oil demand fell 5% in the first quarter, but could ultimately be the hardest hit fuel in 2020, with total demand up to 9%.
The drop in demand for fossil fuels, particularly coal, would lead to a drop in carbon dioxide emissions of 8%, six times greater than the biggest drop of 400 million tons recorded in 2009 after the global financial crisis. But given the number of deaths and economic trauma worldwide, the historical decline in global emissions is absolutely nothing to cheer about, the IEA chief executive said in publishing the review.
Describing its projections as "conservative", the IEA report urged governments to seize on the disruptions to build greener Energy infrastructure – an area where India is progressing apace as part of its larger climate goal of reducing the economy’s carbon footprint.
“This is a historic shock to the entire Energy world. Amid today’s unparalleled health and economic crises, the plunge in demand for nearly all major fuels is staggering, especially for coal, oil and gas. Only renewables are holding up during the previously unheard-of slump in electricity use. It is still too early to determine the longer-term impacts, but the Energy industry that emerges from this crisis will be significantly different from the one that came before,” Birol said.